OCC Fingers Big Banks That De-Banked ‘Controversial’ Businesses Like Gun Makers, Retailers

“It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking,” Comptroller of the Currency Jonathan Gould said in a statement.

“Going forward, the OCC will hold banks accountable for these actions and ensure unlawful debanking does not continue,” Gould said.

The agency said its review remains ongoing and that it plans to hold the banks “accountable,” including potential referrals to the Justice Department.

The OCC said it plans to continue examining the matter, saying it is reviewing “thousands” of complaints for examples of debanking on the basis of political or religious beliefs.

The report did not provide specific examples, but said the firms examined were JPMorgan Chase (JPM.N), opens new tab , Bank of America (BAC.N), Citigroup (C.N), Wells Fargo (WFC.N), U.S. Bank (USB.N), Capital One (COF.N), PNC (PNC.N), TD Bank <TD.TO> and BMO Bank (BMO.TO). The banks either declined to comment or did not respond to requests for comment.

— Peter Schroeder in US bank regulator says large banks engaged in ‘debanking’ of disfavored industries